SINGAPORE (Nov 18): Sembcorp Marine says subsidiary PPL Shipyard has yet to receive any notice of termination from Marco Polo Drilling.
On Tuesday night, Marco Polo Marine announced that its subsidiary Marco Polo Drilling has issued PPL Shipyard a notice to terminate the contract to build a high-specification jack-up rig.
The US$214.3 million ($305 million) contract for the construction of a jack-up rig based on the latter’s proprietary Pacific Class 400 design was signed on Feb 26, 2014, between MP Drilling and PPL.
Marco Polo Drilling’s issue of the termination notice follows “PPL’s failure to comply with certain of its material contractual obligations”.
PPL says it has not received the notice at the time of MP Drilling's announcement and disagrees with its allegations.
It will instead regard it as a repudiatory breach of the contract and will terminate the contract and claim amounts due under the contract against MP Drilling and its guarantor Marco Polo Marine.
Shares in Sembcorp Marine closed 1.4% higher at $2.25 on Nov 17.
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